Making arrangements for the distribution of an estate represents an important task for people in Minnesota regardless of their wealth level. Without an estate plan in place before someone's death, the state will step in to manage an estate. An estate plan can even serve a person prior to death by protecting assets from the costs of living in a nursing home. By making decisions ahead of time and putting a financial plan in writing, people generally overcome arbitrary inheritance laws and preserve assets for heirs.
For many parents, the main concern when outlining wishes for an estate plan involve minimizing fighting among heirs and ensuring a positive legacy. Some people, however, have to take more careful steps when planning an estate. Parents of children with special needs, ranging from severe medical conditions to developmental conditions, often need to invest more time and effort in the creation of a fair and legally sound estate plan.
It is common for Minnesota residents to struggle with how they should divide their estates. Families might worry because their children may have different needs. If everything is just divided equally among the kids, one child may be left worse off than another. If a child who has fewer means receives more, a sibling may be bitter.
Some people in Minnesota might dislike talking about money or death. This natural emotional resistance, however, could leave a person and family unprepared if an unexpected event leaves someone incapacitated or dead. A lack of financial planning could also make an elderly person vulnerable to financial abuse, which strikes approximately 20 percent of people over age 65.
Filing income taxes is painful for some people. This could be because they have a complex filing or because they have to pay in. Some people also dread having to do this because they are worried about getting audited. While this is a real concern, most people don't have anything to worry about.
Minnesota residents can use a trust to help ensure that their financial legacy will be protected. A trust is also useful for managing inheritance taxes. However, when individuals create a trust, they should make sure that they select the right person to serve as trustee.
As a parent, the only thing you really want after you pass away is for your children and their families to have the best lives possible. You love your family. You want your grown children to get along and stay close. You enjoy thinking about them all getting together for Christmas brunches or family reunions for years to come.